Fiscal Cliff: Mortgage Debt Tax Relief Extended

Home owners, one thing to thank Congress for!

Mortgage Debt Tax Relief Extended

 Below is the synopsis which I copied from Guild Mortgage lender Annette Hunt:


Last week's deal to avert the fiscal cliff left housing a winner on most issues. 

First, they extended mortgage forgiveness debt relief through 2013. If they hadn't done this, principal balances written off by lenders to help homeowners with underwater mortgages would have been treated as ordinary taxable income. 

The bill also re-established the deduction for mortgage insurance premiums for 2012 and 2013 for people with adjusted gross income below $110,000.

In addition, the compromise offers tax credits to homeowners making energy-efficient home improvements in 2012 and 2013. Builders get a tax credit on new homes constructed in 2012 and 2013 that meet federal energy standards. U.S. manufacturers of energy efficient appliances also earn tax credits. 

Best of all, tax deductions for mortgage interest and property taxes were left untouched, but that battle isn't over, since the politicians will soon be reforming the tax code. 

Always consult a tax professional for definitive answers on all these issues.

3.8% Tax Begins Jan 2013

Here is an informative article about the new 3.8% real estate tax which goes into effect January 2013.  It's not as bad as we were afraid, but could still impact you if you have an upper end home and make a tidy profit from it.

Top 10 Worst Home-Showing Offenses

Top 10 Worst Home-Showing Offenses


Don't let these selling blunders happen to you!

VA Celebrates 20 Millionth Loan Guaranty

If you are a veteran, you can learn more about the VA guaranty mortgage program at

www.benefits.va.gov/homeloans     or

Calling  (877) 827-3702

A small thank you to our veterans for all they have and continue to do!

Sunday Nov. 11th  is Veterans Day, be sure to say "THANK YOU"!

Time to Update for Quick Sale

  I recall each and every one of these fads from the '80's and '90's!  I've tried my hand by putting up wall paper and paper boarders and sat on over sized furniture awkwardly placed in a tight-fitting room.  Yup- it's time for it to go!!  Updating the look of your home will help for a easier and faster sale.
 

Selling Your Home? The Importance of Pricing

Great article about pricing your home to sell- it's not just me saying these things  :-).

Price your house to sell quickly | Inman News

What Do You Think?

Do you think this true for Elko too??


If you can pull it off, a house is a smart investment – USATODAY.com